Hank earns $24.00 per hour with time-and-a-half for hours in excess of 40 per week. He worked 50 hours at his job during the first week of March 2018. Hank pays income taxes at 15% and 7.65% for OASDI and Medicare. All of his income is taxable under FICA. Determine Hank's net pay for the week. (Do not round any intermediate calculations, and round your final answer to the nearest cent.)
A) $1122.00
B) $1021.02
C) $835.80
D) $799.80
B) $1021.02
Gross Pay $1320.00
Straight Time Pay (40 × $24.00) 960.00
Overtime pay (10 × $24.00 × 1.5) 360.00
Less Federal Income tax (15% × $1320.00 198.00
OASDI and Medicare (7.65% × $1320.00) 100.98
298.98
Net Pay $1021.02
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